Hyundai Transys, the automotive components manufacturer affiliated to Hyundai Motor Group, has begun supplying transmission systems to Volkswagen Group as part of a US$542m deal recently signed with the German automaker, according to local reports.

Hyundai Transys was established in 2019 following the merger of Hyundai Dymos and Hyundai Powertech, two major Hyundai component manufacturing affiliates. The merged company is now a major supplier of powertrain, transmission and automotive seating to Hyundai Motor Group with annual revenue of KRW10trn (US$7.7bn).

The company wants to further strengthen its business with customers outside Hyundai group companies which last year accounted for 90% of revenue. It has also invested heavily in the battery electric vehicle (BEV) powertrain segment.

Volkswagen is the latest foreign automaker to sign a contract with the company following a KRW700bn (US$540m) transmission deal with Stellantis at the end of last year. Further details were not disclosed.

Volkswagen already sources EV battery systems from Hyundai Mobis, another Hyundai group company which produces a broad range of powertrain, body and chassis systems including electronic systems.

The German automaker also uses Hyundai Glovis to ship complete vehicles from Europe to Asia.

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By GlobalData